Hong Kong-based digital asset platform OSL has recorded more than $200 million in USDC deposits within roughly four months of launching StableHub, a milestone that highlights growing institutional demand for regulated dollar-denominated liquidity across Asia-Pacific (APAC). The figure was disclosed in Circle's post on X.

A Single Counterparty for Digital-Dollar Liquidity

Businesses operating across APAC often face fragmented access to stablecoins, relying on multiple exchanges, custodians, and payment providers. OSL says its regulated infrastructure — spanning trading, custody, payments, and treasury services — is designed to address that challenge by giving institutions a single compliant counterparty for digital-dollar liquidity, as detailed in a Circle case study. That regulatory standing carries weight in Hong Kong, where OSL operates under licenses from the Securities and Futures Commission (SFC) and its parent, OSL Group, is listed on the Hong Kong Stock Exchange — credentials that matter to institutions requiring licensed venues for digital-asset exposure.

OSL and Circle Expand Regulated USDC Access

OSL developed StableHub in collaboration with Circle as a multi-stablecoin and USD exchange hub. USDC, the U.S. dollar-backed stablecoin issued by Circle, was among its first supported assets, allowing eligible customers to exchange USDC and USD on a 1:1 basis, subject to applicable limits. USDC will be available on the platform for trading, custody, and settlement, removing the need for users to engage with several fragmented liquidity channels.

Jason Liu, head of stablecoin at OSL Group, explained that Circle contributed expertise related to foreign exchange, custody, and cross-border payments. According to OSL, the resulting platform is more than just a trading venue: the firm sees StableHub as a potential distribution and settlement hub for the region's growing digital dollar economy. The fact that total deposits have crossed $200 million is, in OSL's view, an indication of institutional demand.

USDC Expands Across APAC and Blockchain Infrastructure

OSL's growth coincides with Circle's broader push to expand USDC through banks, payment platforms, card networks, and blockchain networks, an approach built on regulated partnerships in Asia. That strategy is taking shape as stablecoin regulation tightens across the region: Hong Kong's Stablecoins Ordinance, in force since August 2025, requires issuers of certain fiat-referenced stablecoins to be licensed by the Hong Kong Monetary Authority, a framework that shapes how regulated platforms can distribute dollar-denominated digital assets locally.

Most recently, Circle announced that USDC and its Cross-Chain Transfer Protocol (CCTP) are now live on OKX's Ethereum-compatible X Layer, with support covering payments, cross-chain transfers, DeFi operations, and AI-related activities. Native USDC on X Layer is distinct from the bridged version that previously existed there, with liquidity and transfers handled through CCTP.

The wider market environment also points to increasing USDC usage. Visa statistics highlighted by Circle on X show that nearly 70% of stablecoin transactions in June were conducted in USDC.

What Comes Next

The significance of OSL's milestone extends beyond the development of a single platform. On the institutional front, consolidated access to liquidity, custody, trading, and settlement can simplify operations by removing the need to deal with multiple counterparties. For OSL, the task now is to keep StableHub on a steady growth trajectory and to extend its applications beyond depositing and trading.